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Housing sales break records in B.C.’s Fraser Valley

Click to play video: 'Multiple offers, thousands over asking; B.C.’s housing market breaks records' Multiple offers, thousands over asking; B.C.’s housing market breaks records
New numbers released Tuesday show housing sales in BC in February broke new records. The hottest area, the Fraser Valley. As Catherine Urquhart reports, the pandemic is to thank for the increase. – Mar 2, 2021

Metro Vancouver’s housing market continues to sizzle amid the COVID-19 pandemic.

More than 3,700 properties were sold in the month of February, according to numbers from the Real Estate Board of Greater Vancouver, a 73-per-cent increase from a year ago and nearly 43 per cent higher than the 10-year average for the month.

Click to play video: 'Bank of Canada issues warning about overheated housing market' Bank of Canada issues warning about overheated housing market
Bank of Canada issues warning about overheated housing market – Feb 24, 2021

Sales are particularly strong in the Fraser Valley.

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Last month’s housing sales in the region were the highest in history, according to the Fraser Valley Real Estate Board.

Click to play video: 'B.C.’s housing market soars despite pandemic' B.C.’s housing market soars despite pandemic
B.C.’s housing market soars despite pandemic – Jan 13, 2021

February marked the sixth consecutive month for record-breaking sales in the valley.

“This is new territory for us,” Fraser Valley Real Estate Board president Chris Shields said. “We have never seen such consistent and persistent demand for housing in the Fraser Valley.”

Read more: Canada’s housing market showing ‘early signs’ of overheating, Bank of Canada warns

Shields attributes the rise in demand to “record-low interest rates and the response to the pandemic.”

Board CEO Baldev Gill said many people are looking for more space to work from home and are no longer commuting to an urban centre for work.

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In addition, supply is down with a 28-per-cent drop in listings over this time last year.

Last week, the Bank of Canada warned that the country’s housing market was showing “early signs” of overheating.

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